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Bankruptcy Basics

What is Bankruptcy? 
Bankruptcy is a condition of financial failure caused by not having the money that you need to pay your debts. This can apply to either an individual or a corporate entity.

In a bankruptcy filing, a case may be filed under four different chapters, each of which serves a specific purpose as follows:

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Chapter 7

In a chapter 7 filing, a Trustee is appointed to look into your tiling and to make sure that creditors are properly represented. In the usual case, individuals retain all of their property, utilizing exemptions that arc allowed under the bankruptcy law. The decision to tile a chapter 7 will depend on each specific case, and depends on the value of the assets owned, the equity in such assets, the size and nature of the debts owed to creditors, and the normal income and expenses of the individuals filing.


Chapter 13

Again, a Trustee is appointed under this chapter, and the people filing must earn wages or have some other source of regular income and must agree to pay part of the same for the benefit of their creditors. The filers propose a plan for repayment that will fit within their budget which must be approved by the Court and the Trustee, and the Trustee collects the payments and distributes the same to the creditors in accordance to the terms of the plan. This chapter is utilized in many cases to save homes that are in foreclosure, and to resolve other problems that can arise.


PROCEDURES

The procedure we use in working with you is for you to request and for us to furnish you with a questionnaire and a form indicating the information that we will need in order to do a thorough analysis of your facts and situation. When you have completed that, we request that you submit the same to us so that Dave can review it and then that way give you the best possible advice when he meets with you on your no obligation, no cost initial meeting. The questionnaire can be requested by contacting us and requesting that the questionnaire be furnished to you either by e-mail or by regular mail.

OUR OFFICE

Gravelyn Law, PLLC
3624-29th ST SE, Suite B
Kentwood, Michigan 49512
Phone: (616) 288-9527
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DISCLAIMER: Gravelyn Law PLLC provides information on this site for both public service and advertising/marketing purposes. Using information from this site or contacting the firm does not create an attorney-client relationship. In addition, while the site will occasionally discuss case results in a generic fashion while protecting the identity of interested parties, Gravelyn Law PLLC does not mean to suggest that it can achieve the same result in future cases. Each case will be resolved on the basis of facts unique to that case. Finally, while the site tries to describe the law as accurately as possible, the people and places described in the blog, while often based on real events, are fictional.
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